Coinbase’s XRP reserves have experienced a significant decline, plummeting from over 970 million XRP in June 2025 to approximately 165 million as of early September of the same year, according to data provided by XRPWallets. The data reveals a dramatic shift in reserve structure, with the major U.S. cryptocurrency exchange’s cold wallets dropping from 52 to just 10, all of which hold near the 16.5 million XRP mark.
Originally, these cold wallets had substantial allocations ranging from 16.8 million to 26.8 million XRP each. This significant reduction equates to an 83% drop in visible reserves on Coinbase, indicating a strategic realignment in the management of XRP assets. Early June figures showed that Coinbase held around 25,526,876 XRP in one wallet designated as Cold 210, alongside similar large holdings in other wallets.
The recent decrease in reserves might not be a random series of withdrawals but rather a planned depletion. Two main factors appear to be driving this drawdown. Firstly, there are indications of supply rotation, with XRP being funneled into on-demand liquidity corridors, exchange-traded products, and institutional trust structures, effectively minimizing the amount visible on Coinbase.
Secondly, the distribution of XRP has aligned with fluctuating price levels. As XRP saw an increase in trading price throughout the summer, portions of the cold storage reserve were presumably sold off or transferred in line with market dynamics. The timing of these changes coincides with Coinbase’s recently announced partnership with BlackRock, which aimed to enhance institutional access to cryptocurrency through its Aladdin integration. Initially, this integration began with Bitcoin, but it raises the question of whether XRP could follow suit.
The timeline from early June, when Coinbase boasted an impressive custody of over 970 million XRP, to early September’s mere 165 million delineates a substantial depletion of over 800 million tokens in merely three months. With only 10 cold wallets now in existence, each holding around 16.5 million XRP, the future availability of XRP for transactions or investments on Coinbase will increasingly hinge on Ripple’s escrow releases, corporate holdings, and any allocations from founders, demonstrating a pivotal shift in market strategy and asset management within the cryptocurrency landscape.
